Are you suffering from an entrepreneurial seizure?

Call the ambulance. Alert the police. And get the defibrillators working overtime. Are you suffering from an entrepreneurial seizure? This is what business guru and author of The E-Myth series Michael Gerber refers to when you are inspired to start your own business - thinking that all you need is the technical expertise of your chosen area.

In a period when we are seeing some layoffs and redundancies, there are smart people re-entering the market who are very capable and experienced at what they do. Some will continue to look for a job. Some will take the opportunity to take a sabbatical or go travelling. Some will suffer from an entrepreneurial seizure.

After all, the conditions are ripe. When you are good at what you do - but are no longer shackled by a corporate job - the idea of running your own business can appear liberating. While it might be scary for some, others will grab the opportunity with both hands. The hours seem flexible, you already have industry contacts, and you love the idea of boosting your own bottom line instead of someone else's.

However, reality might be very different. Typically, when you run your own business, you work very long hours, your industry contacts may or may not be able to help you and it can take months - sometimes even years - before you see some semblance of a healthy bottom line.

Before you take the plunge, it's very important to consider a number of factors.

1. Are you buying yourself a job?When you are good at what you do - for example, you might have worked in a chiropractic clinic and now want to hang up your own shingle, or you might have been a great corporate lawyer and now want to run your own practice - you might think that's a strong foundation on which to build. However, if you spend all your time doing the technical work, there is little time left for you to market and build your business.

If you are going to be the principal person doing the technical work, you are basically creating a new job for yourself - one where you are likely to be working harder than ever before. That's because you are the technician as well as the marketer, sales person, business strategist - and almost every other role thrown into the mix as well.

Ideally, you want to start with the end in mind. Imagine your business after five or 10 years. Design it so that someone else can do the technical work while you can focus on growing your business. You might be very enthused about doing the technical work right now - but trust me, after 10 years, you won't be so excited.

2. Are you considering franchising with the right mindset?Franchises can be appealing to people with an entrepreneurial seizure. That's because they usually already know they can do the technical work. But with a franchise, much of the marketing and branding support is already provided. The framework for the business - including systems and templates - is typically provided for you. So you're not totally starting from scratch. Theoretically, you are buying a proven system - but you need to put in the hard yards to implement it.

While buying a franchise may sound great, again it's vital to ensure that you are not just buying yourself a job. Why pay money to buy yourself an existence where you are working harder than ever before. Sure, you might have to put some sweat into it in at the start. But start with the end in mind. Plan, from the very beginning that you are not going to be tied to baking the bread at 4am or dishing out coffee in the afternoon, or mowing lawns all your life. Plan to have staff to ultimately do this for you. Concentrate on being the business owner, not the technician.

This might seem daunting to some people because it means that you need to make enough money to pay your staff, give yourself a healthy return - and then some. But that might be the very wake up call you need to temper your entrepreneurial seizure. Unless, you start thinking that way, then your vision of flexibility and the idea of being liberated from working for someone else may go out the window forever.

Ultimately, if you think you are suffering from an entrepreneurial seizure, take a deep breath and don't plunge into anything just yet. Research your potential business, listen to the horror stories and, if you still want to do it, set your sights on a business model that can truly set you free.

Posted
by Valerie KhooApril 29, 2009 10:14 AM

LATEST COMMENTS

Gerber's book is one of the best I have read for people who run their own businesses. Have recommended it to a few friends and those that read it implemented many of his suggestions to their advantage.

Most of Gerber's later materials however lacked enough new ideas to warrant their publication.

If you haven't read the E-myth and you are thinking of starting your own business, invest $20 and a few hours of reading time.

Posted by: Steve on April 29, 2009 10:36 AM

Dear Valerie,

I have been working for myself for almost 30 years and have spent most of that time contracting through agencies to large corporations in the mining, oil and gas areas as a Design Draftsman and have found it difficult progressing beyond that as a business.
Over the years I have taken into account demographics, geological location,technology, markets, potential markets, finance and ("THE CIRCLE OF FRIENDS") network.

And my conclusion is, without the cash/monetary incentives you are only going to mark time and step backwards,....CATRCH 22...

So I agree with your advise to your readers NO Money, you go nowhere.....you are also right with regards to contacts and seeking them out, but a great
majority are struggling themselves and can only lend advise and sympathy but no real direction or financial assistance. Without paying for work (franchising) it is bloody difficult. Good luck to those who want to be self sufficient rely and take pride of their personal endeavours to sustain a good standard of living
for self and family.